Paypal has confirmed an agreement for the purchase of iZettle, the Stockholm-based mobile payment firm. According to them, the purchase will close for the sum of 2.2 billion dollars, becoming one of the largest acquisitions in its history.
Although the acquisition has been reported, the purchase agreement will only be finalized in the third quarter of this year. Although they have not given much detail, they have mentioned that Jacob de Geer, co-founder of iZettle, will continue to be in charge, as will some of its executives.
Let’s remember that the mobile payment solution offered by iZettle is flexible, and makes it easy for any individual or SME to make a transaction using their iOS or Android devices, with commissions that vary by country. In addition, it provides a bonus to users with free management tools that allow them to know some details of their sales.
Following this dynamic, iZettle operates in 12 markets, with a strong presence in Europe, the United Kingdom and Latin America. So this acquisition will help PayPal expand into new markets and strengthen its influence on those who do not yet have a physical presence.
The last year has been positive for both companies, according to the information they share in the press release, so the future seems to be more promising after this agreement.